Don't let your witness votes go to waste on Hive blockchain

Hive blockchain uses a Proof Of Stake topology for operating and the Hive Witnesses (aka "Block Producers") are the ones that validate the blocks that are being created on the network. The Hive Witnesses operate as "consensus" servers (nodes) and have the duty to ensure the correct behavior of the blockchain. In addition to this, they also make consensus decisions for the future development of Hive and even decide on a percentage of the use of funds produced daily by the blockchain as rewards. This means that we need to pick and choose wisely the witnesses and put the trust in those that really bring value to the blockchain.

Each account on the Hive blockchain can vote for up to 30 witnesses and the vote is proportional to the amount of Hive Power controlled by the account. As Witnesses grow the Hive Power represented the accounts that upvoted them, they have the chance to get into the Top 20 and affect changes in this ecosystem. Others outside the Top 20 still produce and validate blocks, but do not have the power of decisions outside that.

You can check the Witness list on PeakD

Another important thing is that some Witnesses stop running their nodes, so it is good to review the list periodically and remove our support for such cases. We need to entrust our votes to active Witnesses which are supporting the blockchain and drive change and improve this ecosystem with their presence and actions. In addition, you can track how healthy the Witnesses are running their nodes and if they keep the data updated (for example the Price feed) and based on that keep the vote or not.

I have just reviewed my account and I had about 9 witness votes cast. That is not little, but not much either as there is still room to cast more and create a better equilibrium amongst the available witnesses. And more is one way to motivate smaller witnesses and bring them up in the overall ranking. Don't forget that also @leofinance has a witness who currently ranks on 34th place, so if you appreciate the work done in the Leo Finance ecosystem you'd better vote for the witness as well!

Posted Using LeoFinance ^Beta